Air China Cosco North Exchange to issue plan: to issue no more than 148.2 million shares with a base price of 9 yuan per share
On March 24, the board of directors of Air China Cosco (833171), an innovative company on the NEW Third Board, approved the proposed offering program of the North Stock Exchange. It intends to issue no less than 111 million shares and no more than 148.2 million shares, with a base price of 9 yuan per share.In October 2021, Air China Cosco entered the tutoring period, and the tutoring institution was Industrial Securities.On March 21, 2022, the board of Directors of the company held a meeting and deliberated and approved the Proposal on the Company’s application for public offering and listing on the North Stock Exchange.The company plans to issue no less than 111 million shares and no more than 148.2 million shares (including this number, excluding the overallotment option), with a base price of 9 yuan per share. The funds raised by this public offering are planned to be invested in dry bulk ship purchase project and supplementary working capital.The Company stated that the Company and the lead underwriters may exercise the overallotment option at their discretion based on the specific circumstances of the offering. The number of shares to be issued under the overallotment option shall not exceed 15% of the number of shares to be issued, and the final number of shares to be issued shall be subject to the number approved by the Beijing Stock Exchange and registered with the China Securities Regulatory Commission.According to data from Dredging Shellfish Research Institute, Air China Cosco was listed on the New Third Board in August 2015. The company’s main business includes international ocean, domestic coastal and dry bulk cargo transport business and ship management business in the middle and lower reaches of Yangtze River.The company’s main customer types include coal, steel, cement, power, grain and other downstream industry customers.According to introducing, the company has with the national energy group owned tianjin huayuan guodian shipping companies, China huadian group star shipping co., LTD., guangdong province energy group co., LTD. Signed a long-term strategic cooperation agreement, customers such as the other with BHP billiton, RIO TINTO, anshan iron and steel, baosteel, cofco, huaneng clients such as to establish a long-term relations of cooperation.In terms of performance, in the first half of 2021, the company’s operating revenue was 651 million yuan, up 118.94% year-on-year, and its net profit was 190 million yuan.